Financial institutions today, Dec. 2014

Inside this issue:
GRMA Reporting 2 and Payment Process (continued)
State Regulators 2 Propose Model Regulatory Framework for Virtual Currency Activities
Action on 3 Applications for
the Month of December
2015 State 5 Holidays
Contact 6 Information

News and topics of interest to financial institutions regulated by the Department of Banking and Finance

Monthly Bulletin #11

December 2014

Department of Banking and Finance Adopts Final Rules
On December 5, 2014, the Department of Banking and Finance (Department) adopted Final Rules and filed the Rules with the Secretary of State's Office. Pursuant to O.C.G.A. 50-13-6, the Rules were effective on December 26, 2014, which is twenty days following the filing of the Rules with the Secretary of State.
Prior to adopting the Rules, the proposed Rules along with a synopsis were distributed on November 3, 2014. The Department received one written comment regarding the proposed Rules. The Department believes that the Rules as adopted encourage safety and soundness, encourage safe and fair mortgage lending, and conform to the law.
To view or download the Final Rules, go to the Regulations page on the Department's website (http://dbf.georgia.gov/dbf-regulations) and select the appropriate link for the Final Rules, or you may access them directly from: http://dbf.georgia.gov/sites/dbf.georgia.gov/files/ related_files/document/DBFFinalRules_12-5-2014.pdf

Georgia Residential Mortgage Act Fee ("GRMA") Reporting and Payment Process
The GRMA fee on-line reporting and payment process has changed substantially with the semiannual reporting period that opens on January 2, 2015 (for GRMA fees collected from July 1, 2014 through December 31, 2014).
Refer to the Department's website for a more detailed discussion of these changes at http:// dbf.georgia.gov/changes-georgia-residential-mortgage-act-10-loan-fee-reporting-andpayment-process
The most significant changes to the GRMA semiannual reporting and payment process are as follows:
Elimination of "$0 GRMA fee statement reporting": Revisions to Department Rules 80-5-1.04 and 80-11-3-.01(13) eliminate the requirement that a fee statement be filed even if no residential mortgage loans were closed during the semiannual reporting period.

(Continued on page 2)

"Safeguarding Georgia's Financial Services"

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December 2014

Georgia Residential Mortgage Act Fee ("GRMA") Reporting and Payment Process
(Continued from page 1)
Changes to the Online GRMA Reporting and Payment Process: The online GRMA per Loan Fee Reporting and Payment Process has been modified as follows:
The payment site at https://bkgfin.dbf.state.ga.us/GRMAFee.html no longer requires a Login ID and password.
Separate reporting and payment processes have been created for Georgia state-chartered banks and credit unions,
Georgia state-licensed or registered mortgage companies and all other entities reporting.
The online payment site has been modified to allow any entity to remit GRMA fees during the semiannual period
since a user ID and password are no longer required.
GRMA Late Fees/Fines: Rule changes were made to clarify that the remittance of any $10.00 fees after the date on
which they are due shall subject the collecting agent to a late payment fee of $100 for each due date missed. In addition, if the Department finds that the collecting agent has not submitted GRMA fees within six months of the due date, the collecting agent will be subject to an additional fine of 20% of the total amount of $10.00 fees required to be collected for the applicable period.
Payments made by Credit or Debit Card: The Department is now using Official Payments Corporation as its credit
card service provider for the payment of fees due the Department. Official Payments Corporation charges a nominal convenience fee based on the amount of the transaction. The convenience fee is 2.50% of the payment amount, with a minimum service fee of $1.00 per payment transaction. NOTE: The Department will continue to offer ACH draft as a payment option at no cost to the remitter.
State Regulators Propose Model Regulatory Framework for Virtual Currency Activities State Regulators Soliciting Public Comment on Proposal
On December 12, 2014, the Conference of State Bank Supervisors ("CSBS") issued for public comment a draft model state regulatory framework for virtual currency activities.
In February of 2014, CSBS announced the formation of an Emerging Payments Task Force to evaluate a variety of payments developments and innovations and to examine the intersection between emerging payments and the roles of state financial regulators. The Task Force's efforts included conducting a public hearing on payments as well as engagement with industry participants, state and federal regulators, and other stakeholders. Based on the Task Force's work, the CSBS Board of Directors has adopted a policy that certain activities involving third-party control of virtual currency -- including for the purposes of transmitting, exchanging, holding, or otherwise controlling virtual currency -- should be subject to state licensure and supervision.
To support this policy, CSBS has developed a draft Model Regulatory Framework that includes licensing, consumer protection, market stability, anti-money laundering, and cybersecurity requirements for state licensed virtual currency firms. Along with the Model Framework, CSBS has issued a list of questions for public comment. Interested parties must submit public comments by February 16, 2015. After the comment period closes, the Framework will be subject to additional review and revision based on public feedback.
The draft Model Regulatory Framework and CSBS's policy statement on state regulation of certain virtual currency regulation are available here.
Commissioner Kevin B. Hagler serves on the Emerging Payments Task Force and the Board of CSBS.

December 2014

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Action on Applications for the Month of December:
The following is a summary of official action taken on applications by State Financial Institutions under Title 7, Chapter 1 of the O.C.G.A. and petitions for Certificate of Incorporation of Financial Institutions and other matters of interest during the month of December 2014.

FINANCIAL INSTITUTION Pinnacle Bank Elberton

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

BRANCH OFFICE Covington Branch Office 6124 Highway 278 Northeast Covington, GA 30014 Newton County

APPROVAL BEGIN BUSINESS 12-05-2014

FINANCIAL INSTITUTION NOA Bank Duluth
Ameris Bank Moultrie

APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF Main Office From: 2476 Pleasant Hill Road Duluth, 30096 Gwinnett County To: 2385 Pleasant Hill Road Duluth, GA 30096 Gwinnett County
Jekyll Island Main Street Branch Office From: 531 North Beachview Drive
Jekyll Island, GA 31527 Glynn County To: 31 Main Street, Unit 101 Jekyll Island, GA 31527 Glynn County

APPROVAL EFFECTIVE 10-21-2014 12-15-2014
12-15-2014

PREVIOUS NAME The Citizens Exchange Bank Pearson

NOTICE OF CHANGE IN NAME
NEW NAME South Coast Bank & Trust

APPROVAL EFFECTIVE Pending

PROPOSED NAME Longleaf Banking Company

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Troup County

APPLICANT Ms. Jeannie Osborne Bryan Cave LLP One Atlantic Center, Fourteenth Floor Atlanta, GA 30309-3488

FINANCIAL INSTITUTION (SURVIVOR) ServisFirst Bank Birmingham, AL
Georgia United Credit Union Duluth, GA

FINANCIAL INSTITUTION MERGERS
MERGED INSTITUTION Metro Bank Douglasville, GA
HealthCom Federal Credit Union Dalton, GA

APPROVAL EFFECTIVE Pending
Pending

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FINANCIAL INSTITUTION (SURVIVOR) The Farmers Bank Forsyth, GA
The Farmers Bank Forsyth, GA
The Farmers Bank Forsyth, GA

MERGED INSTITUTION The Bank of Perry Perry, GA
The Peoples Bank Covington, GA
Spivey State Bank Swainsboro, GA

December 2014
APPROVAL EFFECTIVE Pending
Pending
Pending

APPLICATIONS TO BECOME A BANK HOLDING COMPANY AND/OR TO ACQUIRE VOTING STOCK OF A FINANCIAL INSTITUTION

FORMATIONS ONLY BANK HOLDING COMPANY ServisFirst Bancshares, Inc. Birmingham, AL

TO ACQUIRE Metro Bank Douglasville, GA

APPROVAL 12-05-2014

LBC Bancshares, Inc. LaGrange, GA

LaGrange Banking Company LaGrange, GA

12-19-2014

NOTIFICATION OF APPROVAL OF APPLICATION TO SERVE A RESIDENTIAL GROUP COMMON BOND

CREDIT UNION The Southern Credit Union Fayetteville

RESIDENTIAL GROUP COMMON BOND Henry County, GA

APPROVAL 12-22-2014

Action on Merchant Acquirer Limited Purpose Bank ("MALPB") Applications for the Month of December:
The following is a summary of official action taken on applications for a MALPB charter under Title 7, Chapter 9 of the O.C.G.A. during the month of December 2014.

APPLICATION FOR AN MALPB CHARTER

NAME Credorax Bank North America, MALPB c/o Margaret D. Higginbotham, CPA 999 Peachtree Street, NE, 23rd Floor
Atlanta, GA 30309
Fulton County

APPROVAL 12/12/2014

BEGIN BUSINESS

December 2014

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2015 State Holidays
In accordance with O.C.G.A. 1-4-1, Governor Nathan Deal proclaimed the following dates in 2015 as public and legal state holidays when the Capitol and all State agencies will be closed:

Holiday Name New Year's Day 2015 Robert E. Lee's Birthday
Martin Luther King Jr.'s Birthday Washington's Birthday
Confederate Memorial Day
Memorial Day Independence Day
Labor Day Columbus Day Veterans Day Thanksgiving Day
Christmas Day

Date Observed Thursday, January 1st
Monday, January 19th Will be observed on Friday, November 27th
Monday, January 19th
Monday, February 16th Will be observed on Thursday, December 24th
Sunday, April 26th Will be observed on Monday, April 27th
Monday, May 25th
Saturday, July 4th Will be observed on Friday, July 3rd
Monday, September 7th
Monday, October 12th
Wednesday, November 11th
Thursday, November 26th Lee's Birthday will be observed on Friday, November 27th
Friday, December 25th Washington's Birthday will be observed on Thursday, December 24th

Georgia law allows a financial institution to be closed one day each week in addition to Sundays and holidays (O.C.G.A. 7-1-110). Except in the case of an emergency closing, a financial institution must post a notice of intent to close at least 30 days in advance of the closure (O.C.G.A. 7-1-110.1).

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DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633 Fax: (770) 986-1654 or 1655 Email: dbfpress@dbf.state.ga.us

December 2014
The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia.
In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers-issuers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our Vision is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.

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